TITLE

Public Pensions, Broken Promises

AUTHOR(S)
Kranacher, Mary-Jo
PUB. DATE
September 2011
SOURCE
CPA Journal;Sep2011, Vol. 81 Issue 9, p80
SOURCE TYPE
Academic Journal
DOC. TYPE
Editorial
ABSTRACT
The author reflects on the filing for bankruptcy by Central Falls in Rhode Island, which also sought to reduce the pension benefits of its retired public workers by as much as half due to its budget problems in 2011. She argues that governments should not be allowed to change the rules at mid-stream for current employees who were hired with the agreement of a pension upon retirement. The author observes that pensions now can be underfunded by the budget cuts of state and local governments.
ACCESSION #
66865303

 

Related Articles

  • In a new concession to striking public-sector workers,. Hanson, Cynthia; McLaughlin, Abraham T. // Christian Science Monitor;12/14/95, Vol. 88 Issue 14, p2 

    Informs about the remarks made by French Premier Alain Juppe to the striking public-sector workers on his resolve to keep the civil servant' retirement age and their pension calculation methodology intact.

  • Pension rules 'must change.'. Ainsworth, David // Third Sector;6/21/2011, Issue 665, p7 

    The article reports that a consultation on Great Britain's Fair Deal policy has called for changing the policy's rules governing the pensions of public sector workers who transfer to the voluntary sector to provide significant levels of public services.

  • One foot in the grave? Gray, Malcolm // Public Finance;04/11/97, p23 

    Discusses the implications of a change in the British Treasury policy on public sector pensions where the risk factor lies with employees and not the employers. Dependence of the level of annuity on the current return on bonds; Higher administration costs of money purchase schemes; Profit...

  • Pension reform in Maine.  // NEA Today;Jan98, Vol. 16 Issue 5, p10 

    Reports that the federal Appeals Court has overturned a lower court ruling that the State of Maine illegally raided its public employee pension fund in 1993. Review of the case by the National Education Association (NEA) for possible appeal to the U.S. Supreme Court.

  • Unions and pensions groups fear 'quick win' LGPS reforms. Phillips, Lucy // Public Finance;9/3/2010, p6 

    The article focuses on the implementation of the Local Government Pension Scheme (LGPS) reform by Great Britain's Department of Treasury. It notes the benefits of the reform, which is 10% reduction on pension liabilities. It highlights the concerns of pension groups and unions regarding the...

  • Agency gives banks an even break on 401(k) fees. Ratner, Juliana // American Banker;6/9/1997, Vol. 162 Issue 109, p17 

    Discusses the US Department of Labor opinion on 401(k) and other retirement plans. Approval for banks to collect fees from the mutual funds; Banks' discretion over a plans' investment options; Industry experts' reaction to department's policy; Provision under Employee Retirement Income Security...

  • A Rotten Nest Egg? Rich, Spencer // National Journal;10/16/99, Vol. 31 Issue 42, p2972 

    Discusses pension plans for employees in the United States (US). Legislation on retirement plans in US Congress; Opposition by the Association of Private Pension and Welfare Plans; Details on the cash balance pension plans; Views by Ron Gebhardtsbauer, a senior pension fellow at the American...

  • LETTERS TO THE EDITOR.  // Hill;2/18/2015, Vol. 22 Issue 19, p16 

    Several letters to the editor are presented such as one on the majority seat of the Republican Party in the U.S. Congress, and one on the need for similar federal pension and corporate pension rules.

  • Public sector pensioners pay more up front.  // Education (14637073);12/10/2010, Issue 415, p5 

    The article discusses a report issued by the National Audit Office (NAO) concerning changes to civil servant pension schemes developed from 2007 to 2008. While these changes could allegedly reduce pension administration costs, difficulties in determining the monetary value of these savings are...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sign out of this library

Other Topics